Sports and entertainment services.

Sports services and  entertainment

Allowing the establishment of joint ventures in which the ratio Foreign capital contribution must not exceed 49%.

Particularly for the additional CPTPP : 3 years from the date of entry into force of the Agreement, it is allowed to establish joint ventures or buy shares of Vietnamese enterprises with the capital contribution of foreign parties does not exceed 51%.

Only in the form of a business cooperation contract or a joint venture with a Vietnamese partner has been allowed to provide this service. The foreign capital contribution in the joint venture must not exceed 49% of the legal capital of the joint venture

Particularly for additional CPTPP : After no more than 02 years from the effective date of the CPTPP Agreement, Vietnam will allow foreign investment with the rate of 51% in video game services provided via the internet. After 05 years from the effective date of the CPTPP Agreement, Vietnam will remove the restriction on the percentage of foreign capital contribution to these service providers.

2. Law of Vietnam

Online video game business – Clause 4, Article 31 of Decree No. 72/2013/ND- CP

Foreign organizations and individuals providing online video game services to users in Vietnam must establish an enterprise in accordance with Vietnamese law to provide online video game services. in accordance with the provisions of this Decree and regulations on foreign investment.

– Decree No. 72/2013/ND-CP dated 15/7/2013 of the Government on management, provision and use of Internet services and online information

2. CPTPP: Appendix NCM I-VN-27: Amusement parks

Foreign investment of less than USD 1 billion in the construction and management of amusement parks or theme parks will not be approved unless the competent Vietnamese authorities notify the applicant that the investment is that benefits Vietnam. The above decision was made on the basis of the following factors:

– The suitability of the investment project with the regional socio-economic development strategy;

– Ability to meet people’s demand for cultural enjoyment;

– Conformity with the cultural characteristics of the local area;

– The impact of the project on the local budgets, jobs, the consumption of manufactured components, components and services  in Vietnam and competition with services provided by writers locally provided.

Investments over 1 billion USD will not be subject to this decision.

2. AFAS has opened unrestricted library services (CPC 96311) with the exception of online library services; at the same time opening gym and fitness services (CPC 96413) with the charter capital ownership rate of foreign investors in economic organizations not exceeding 70%.

3. CPTPP: Appendix NCM II – VN – 26: Other sports and entertainment services, excluding video game business

Vietnam reserves the right to adopt and maintain any measures related to martial arts clubs and extreme sports.

4. Law of Vietnam

Conditions for establishing libraries of foreign organizations and individuals serving Vietnamese people are specified in Article 21 of Decree 93/2020/ND-CP.

–  VJEPA, AFAS, CPTPP

– The Law on physical trainning and sports 2018

– The library law 2019

-Decree No. 36/2019/ND-CP dated April 29, 2019 of the Government detailing a number of articles of the Law amending and supplementing a number of articles of the Law on physical training and sports

– Decree 93/2020/ND-CP dated August 18, 2020 of the Government detailing a number of articles of the Library law